XML 45 R34.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Segments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2022
Segment Reporting [Abstract] |
Summarized Financial Information by Segment | Summarized financial information by segment is as follows (dollars in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Revenue |  |  |  |  |  |  |
Advisory Services | $ | 2,433,801 |  |  | $ | 2,412,147 |  |  | $ | 7,270,232 |  |  | $ | 6,257,144 |
Global Workplace Solutions | 4,843,739 |  |  | 4,167,143 |  |  | 14,557,500 |  |  | 12,275,748 |
Real Estate Investments | 257,738 |  |  | 223,832 |  |  | 818,776 |  |  | 678,324 |
Corporate, other and eliminations | (5,732) |  |  | (4,795) |  |  | (12,751) |  |  | (15,397) |
Total revenue | $ | 7,529,546 |  |  | $ | 6,798,327 |  |  | $ | 22,633,757 |  |  | $ | 19,195,819 |
Segment operating profit |  |  |  |  |  |  |
Advisory Services | $ | 423,802 |  |  | $ | 521,678 |  |  | $ | 1,410,113 |  |  | $ | 1,318,762 |
Global Workplace Solutions | 219,406 |  |  | 187,332 |  |  | 640,438 |  |  | 509,684 |
Real Estate Investments | 59,458 |  |  | 146,768 |  |  | 501,028 |  |  | 363,878 |
Total reportable segment operating profit | $ | 702,666 |  |  | $ | 855,778 |  |  | $ | 2,551,579 |  |  | $ | 2,192,324 |
Reconciliation of Reportable Segment Operating Profit to Net Income | Reconciliation of total reportable segment operating profit to net income is as follows (dollars in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Net income attributable to CBRE Group, Inc. | $ | 446,639 |  |  | $ | 435,743 |  |  | $ | 1,326,258 |  |  | $ | 1,144,582 |
Net income attributable to non-controlling interests | 5,041 |  |  | 879 |  |  | 11,609 |  |  | $ | 4,459 |
Net income | 451,680 |  |  | 436,622 |  |  | 1,337,867 |  |  | $ | 1,149,041 |
Adjustments to increase (decrease) net income: |  |  |  |  |  |  |
Depreciation and amortization | 142,136 |  |  | 122,564 |  |  | 453,527 |  |  | 363,727 |
Asset impairments | — |  |  | — |  |  | 36,756 |  |  | — |
Interest expense, net of interest income | 19,957 |  |  | 11,038 |  |  | 51,301 |  |  | 34,916 |
Write-off of financing costs on extinguished debt | 1,862 |  |  | — |  |  | 1,862 |  |  | — |
Provision for income taxes | 142,667 |  |  | 133,507 |  |  | 259,691 |  |  | 343,279 |
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue | (6,161) |  |  | 16,959 |  |  | 9,200 |  |  | 33,963 |
Impact of fair value adjustments to real estate assets acquired in the Telford acquisition (purchase accounting) that were sold in period | (1,300) |  |  | 47 |  |  | (4,447) |  |  | 772 |
Costs incurred related to legal entity restructuring | 893 |  |  | — |  |  | 12,814 |  |  | — |
Integration and other costs related to acquisitions | 7,716 |  |  | 16,211 |  |  | 24,046 |  |  | 24,345 |
Costs associated with efficiency and cost-reduction initiatives | 18,929 |  |  | — |  |  | 18,929 |  |  | — |
Provision associated with Telford’s fire safety remediation efforts | 9,479 |  |  | — |  |  | 46,984 |  |  | — |
Corporate and other (income) loss, including eliminations | (85,192) |  |  | 118,830 |  |  | 303,049 |  |  | 242,281 |
Total reportable segment operating profit | $ | 702,666 |  |  | $ | 855,778 |  |  | $ | 2,551,579 |  |  | $ | 2,192,324 |
Summary of Geographic Information | Revenue in the table below is allocated based upon the country in which services are performed (dollars in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Revenue |  |  |  |  |  |  |
United States | $ | 4,320,235 |  |  | $ | 3,943,714 |  |  | $ | 12,887,747 |  |  | $ | 10,856,277 |
United Kingdom | 970,307 |  |  | 841,241 |  |  | 3,002,798 |  |  | 2,451,222 |
All other countries | 2,239,004 |  |  | 2,013,372 |  |  | 6,743,212 |  |  | 5,888,320 |
Total revenue | $ | 7,529,546 |  |  | $ | 6,798,327 |  |  | $ | 22,633,757 |  |  | $ | 19,195,819 |

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the names of foreign countries from which revenue is material and the amount of revenue from external customers attributed to those countries. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 + Details
Name: | us-gaap_ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration